Time Technoplast’s Rerating Likely To Continue: ICICI Securities
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ICICI Securities Report
Recent developments in Time Technoplast Ltd. augur well for the sustainability of its earnings. The developments are -
1. Recent order win of Rs 416 million from a leading gas distribution company (outstanding orderbook now at Rs 536 million) for the company’s newly launched product ‘compressed natural gas cascades with Type-IV carbon fiber composite cylinder’, which falls under the value-add product segment (Time Technoplast is the only company to have received Petroleum and Explosives Safety Organization approval for the product);
2. Likely PESO approval for its CNG cylinder for onboarding on vehicles, which would allow the company to sell directly to vehicle original equipment manufacturers; and
3. Revocation of pledge shares by promoter companies to 4.2% from 17.8% over the last three to four months.
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